Petro Rio to Buy TotalEnergies’ Stake in Itaipu Field

Brazilian oil company Petro Rio has signed a deal with TotalEnergies for the acquisition of a 40% interest in the BM-C-32 Block (“Itaipu Field” or “Itaipu”).

Together with the 60% interest in Itaipu acquired from BP in July 2021, this transaction will bring Petro Rio’s interest to 100% of the concession after the acquisition is concluded, subject to conditions precedent.

The amount to be paid is US$ 75.000 (seventy-five thousand dollars) upon the closing of the acquisition, and another US$ 26,925,000 (twenty-six million, nine hundred and twenty-five thousand dollars) will be paid after Itaipu’s destination is defined.

Itaipu was discovered in 2009 in the BM-C-32 block, in the pre-salt of the Campos basin, where three wells were drilled to evaluate the reservoir and a formation test was performed in the discovery well, which revealed good productivity and light oil of 31º API. 

The block is adjacent to the Parque das Baleias cluster and near the Wahoo Field, in deep waters (1,300m) and 120km off the Espírito Santo coast. Preliminary studies performed by Petro Rio indicate that the accumulation is potentially shared with the southeastern region of the adjacent cluster.

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